Successful Sale of 308 East 59th Street in Midtown East, Manhattan
Bob Knakal successfully arranged the $1,900,000 sale of 308 East 59th Street, a 4,110-square-foot commercial user building located in the Midtown East neighborhood of Manhattan. The property was sold by Christie’s Inc., represented by Joseph Huijbregts, to Edmond and Carmine Alexandro.
This marked the second successful transaction of this asset, and the strategic positioning of the property for owner-user buyers resulted in a strong price of $462 per square foot. Bob’s performance led Christie’s to immediately engage him for the sale of another property.
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Sale Details
The sale showcased the strength of Midtown East’s user market, where small-format commercial properties offer owner-occupants a rare opportunity to control their space in a high-visibility, transit-accessible corridor.
Sale Price: $1,900,000
Price per Square Foot: $462.29
Buyer: Edmond & Carmine Alexandro
Seller: Christie’s Inc. (Joseph Huijbregts)
Seller Type: Institutional
Asset Class: Commercial, User
Date Closed: May 30, 2002
Key Highlights:
- 4,110 SF building
- User acquisition for private commercial use
- Located just off Second Avenue with strong Midtown access
- Sold at a premium price point for user space at the time
Property Details
308 East 59th Street is positioned between First and Second Avenues, a prime location within Midtown East known for its balance of commercial activity and residential density. The property featured one unit across a total of 4,110 square feet, well-suited for professional services or boutique business operations.
Full Address: 308 East 59th Street, New York, NY 10022
Block: 1351
Lot: 46
Building Size: 4,110 SF
Units: 1 commercial user space
Zoning: Commercial use permitted
Investment Highlights:
- Ideal for owner-occupiers in medical, design, or office sectors
- Situated along a prominent Midtown East corridor
- Flexible layout for customization and long-term use
- Steps from major transit and the Queensboro Bridge
Market Strategy and Positioning
With limited supply of well-located commercial buildings in Midtown East, Bob Knakal marketed 308 East 59th Street directly to owner-users and boutique commercial buyers. The area’s mix of residential density and office infrastructure made the building appealing for users seeking control of their environment without the unpredictability of leasing.
Bob’s hands-on strategy—emphasizing usability, location, and long-term value—was key in attracting committed buyers and securing a competitive price per square foot.
Neighborhood Overview
Midtown East remains a vital commercial and residential neighborhood in Manhattan, offering unmatched accessibility, proximity to major office corridors, and consistent user demand.
Notable Neighborhood Features:
- Easy access to the Queensboro Bridge and FDR Drive
- Surrounded by medical offices, embassies, and service businesses
- Walkable to Bloomingdale’s, Sutton Place, and the East River Esplanade
- Served by multiple subway lines (4/5/6, N/R/W, E/M)
Conclusion
The $1.9 million sale of 308 East 59th Street underscores the enduring strength of user-driven real estate in Midtown East. With strategic buyer targeting and hands-on execution, Bob Knakal helped Christie’s Inc. achieve a strong result and continue building its portfolio strategy. This transaction reflects the power of user-ownership in Manhattan’s dynamic commercial market.
Testimonial
“Bob Knakal did a great job for us on this sale and got us a fantastic price. We have already retained him to sell another property for us.”
– Jos Huijbregts, Christie’s Auction House
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Frequently Asked Questions
Q1: What type of property is 308 East 59th Street?
A1: It is a 4,110-square-foot commercial user building designed for owner-occupants or boutique business operations.
Q2: Who purchased the building?
A2: The property was purchased by Edmond and Carmine Alexandro for $1.9 million.
Q3: What makes Midtown East appealing for user-owners?
A3: The area offers a strategic location with excellent transit access, proximity to major business districts, and a strong mix of residential and commercial demand.
